King Pharma acquires rights to 4 BMS drugs

Our Corporate Bureau

New York, Aug 10: Drugmaker King Pharma ceuticals Inc. on Thursday said it acquired the rights to four Bristol-Myers Squibb Co (BMS). drugs for $285 million, expanding its line of hypertension and women’s health-care products.

As a result of the purchase, King raised revenue estimates for the remainder of 2001 and for 2002, raised its earnings forecast for 2002, and said it would expand its sales force.

Tennessee-based King said it agreed to purchase hypertension drug Corzide, estrogen replacement therapy Delestrogen, and Florinef for failure of the adrenal glands. It also acquired the US rights to hypertension drug Corgard. The combined sales for the 4 drugs were $69.2 million in 2000, a drop in the bucket for Bristol-Myers, the world’s No. 5 drugmaker in terms of prescription.

-- Reuters